中国资本的海外交易正在不断创下新的纪录

　　汤森路透数据显示，2016年第一季度，全球交易活动的规模为6820亿美元，其中1010亿美元(即15%)涉及中国买家。中国创下在单季度海外并购中占比的最高纪录，第一季度的境外交易总额已逼近2015年全年1090亿美元的交易记录。

　　欧洲顶级财经媒体L'AGEFI专访了九鼎投资，详细解读九鼎投资针对欧洲市场的布局，并分享了九鼎投资针对全球及欧洲市场的投资策略。

　　关于L'AGEFI：L'AGEFI是一家总部位于瑞士的高端法文财经日报，拥有超过65年历史。目前，L'AGEFI在瑞士、比利时、德国、法国和美国的多个城市拥有资深编辑记者采编团队，为全球高端商务读者提供权威、及时的全球财经新闻、分析以及评论。

　　L'AGEFI报道：《中国私募行业领军者瞄准欧洲市场》

　　全球私募行业领军者

　　中国私募行业领军者瞄准欧洲市场

　　九鼎投资拥有超过400名的专业投资人员，目前管理超过50亿美元的资金，在世界各地(目前已不仅局限于亚洲)投资了270家企业。

　　Growing in China rather than restructuring in Europe

　　不在欧洲重构，而在中国发展

　　JD Capital. The Chinese private equity giant longs for the European market. Perhaps with a bridgehead in Switzerland.

　　九鼎投资作为中国的PE巨头，可能会从瑞士开始，打开其向往已久的欧洲市场。

　　Created in 2007, JD Capital (600053 SH) is a pioneer in private equity in China. The company was notably the first in its field to be listed on a major exchange, in this case the Shanghai Stock Exchange. Currently, JD Capital has Assets Under Management of $ 5 billion and a portfolio of 270 companies, in majority Chinese ones, managed by a team of 400 professionals. JD Capital also emphasises that, in one hundred companies analysed, only a single company is invested in. Strategically, JD Capital has decided to put more and more emphasis on China outbound investment, following its motto to "connect Chinese opportunities with global resources ".

　　九鼎投资(600053.SH)创立于2007年，是中国PE行业的先锋。九鼎投资在上海证券交易所上市，是中国第一家在主板市场上市的PE机构。目前，九鼎投资的管理资产规模达50亿美元，已投资270家企业，其中主要为中国企业。九鼎投资拥有专业的投资管理团队，人数超过400人。九鼎投资强调，每一家被投企业，都是百里挑一精选出来的。在战略层面上，九鼎投资秉持“中国机遇嫁接全球资源”的理念，将更加重视在中国之外地区的投资。

　　L'AGEFI: How do you identify targets in Europe and how do you get in contact with these targets?

　　九鼎投资如何确定在欧洲的投资目标?如何与之取得联系?

　　JD Capital：One of the reasons for our success in China is our extensive proprietary deal-sourcing network that allows us to identify and contact handpicked targets. We understand that the European market is more mature and transparent but also more fragmented. For these reasons, we will strengthen our European team and adapt to the local customs and traditions. We are in the process of setting up an office in Germany and we are considering to create a second one in Europe, for example in Switzerland.

　　九鼎投资在中国取得成功，原因之一是拥有覆盖全国的项目开发体系，它能帮助我们找到大量潜在投资对象，并与其进行沟通。我们知道，欧洲市场更加成熟和透明，但也更加碎片化。我们将强化欧洲业务团队，并适应当地的习惯及传统。目前，九鼎投资正在德国筹设办事处，并正在考虑在欧洲筹设第二个办事处，比如在瑞士。

　　L'AGEFI: Chinese acquisitions in Switzerland in the watch and the trading industry have proven to be difficult. How to overcome these challenges?

　　中国在瑞士钟表及贸易行业的收购困难重重，如何应对这些挑战?

　　JD Capital：We are fully aware of this problem and we are not going to spare any efforts to interact in a positive way with our targets and the companies in our portfolio, and in a spirit of mutual respect and genuine industrial synergies.

　　九鼎投资理解当地对这一问题的关切。我们将在互相尊重、真诚协作的基础上，尽全力以积极的态度与目标投资对象进行沟通。

　　L'AGEFI: What differentiates you from other European and US private equity companies?

　　九鼎投资与欧洲及美国的PE机构有什么区别?

　　JD Capital：American or European companies rather seek to optimize profitability through gains in operational or financial efficiency. As far as we are concerned, we also focus on improving margins, but rather by increasing sales by various means and by building on the size of the Chinese market. This avoids having to restructure.

　　欧美的PE机构更倾向于通过提高运营或财务效率实现利润最大化。九鼎投资虽然也关注提高利润，但更倾向于通过多种方式尤其是将(中国境外的资源)对接到庞大的中国市场，实现销售的增长，而不对已投企业(在中国境外的)既有组织架构造成冲击。

　　L'AGEFI: In regards to your fundraising in Europe, who are your typical investors (LPs)?

　　在欧洲募集资金时，九鼎投资的典型投资者有哪些?

　　JD Capital：We are determined to become a world leading private equity company. In this sense, the European financial markets - notably the Swiss market - are of particular importance. Among our current investors, we count international financial institutions and high net worth individuals (HNWI), especially some based in Switzerland. We will strengthen our fundraising in Switzerland because we are convinced that our offer is particularly interesting for family offices, Fund of Funds and insurance companies.

　　九鼎投资致力于成为世界领先的PE机构，在这个意义上，欧洲金融市场，特别是瑞士的金融市场对我们而言尤为重要。我们目前的出资人中，有国际金融机构及高净值人群，特别是还有一些来自于瑞士的投资者。我们将加大在瑞士的募资力度，我们相信，我们的产品对家族基金、FoF以及保险公司很有吸引力。

　　L'AGEFI: What is your investment strategy in Europe?

　　九鼎投资在欧洲的投资策略是什么?

　　JD Capital：We select companies whose technologies, brands or management teams already benefit from a competitive advantage. We generate value by linking these companies with the opportunities - and lower costs - of the Chinese market. Our favourite areas are those who benefit from the sharp increase in consumption in China as well as the industrial upgrading of our country. Concretely, we are especially interested in consumer goods and services, advanced manufacturing and clean-tech.

　　九鼎投资选择的投资标的，都是在技术、品牌或管理团队等方面具有突出竞争优势的企业。我们会将这些企业的既有优势，和中国市场机遇和相对较低的生产成本结合起来，实现这些企业的价值提升。我们最理想的投资领域，是那些能够从中国消费升级和产业转型升级中获利的行业。具体而言，我们会将投资重点放在消费品、服务业、高端制造业以及清洁技术方面。

　　L'AGEFI: Examples of European companies in your portfolio?

　　能举例说说九鼎投资的欧洲公司吗?

　　JD Capital：We have acquired a minority share in Club Med in France. In Germany, we are currently negotiating an equity participation in a company active in advanced manufacturing.

　　九鼎投资持有法国地中海俱乐部的部分股权。在德国，我们正在积极与一家高端制造企业讨论投资事宜。

　　L'AGEFI: Do you typically take minority or majority stakes? And for how long?

　　九鼎投资通常进行参股投资还是控股投资?持股多长时间?

　　JD Capital：We have had both cases. In the case of minority shareholdings, we keep our positions for 3 to 5 years which is typical in private equity. But if we hold the majority of shares, we might very well keep them longer.

　　两者皆有。在参股投资中，九鼎投资通常会持股3到5年，这基本上是PE行业的通常做法。但如果我们进行控股投资，持股时间则会更长。

　　L'AGEFI: Do you sometimes restructure the corporations you acquired?

　　九鼎投资会对所收购的公司进行大规模改造吗?

　　JD Capital：If it were necessary to restructure these companies in a significant way - for example, changing the management team or production location - it would mean that we did not invested in the right company. This is why we are so careful in selecting our targets, including the companies´ leadership. In other words, our main goal is not to restructure companies but to facilitate their opportunities in China.

　　如果我们需要对已收购的公司进行大幅度的改造和调整，如更换管理团队或迁移生产线，这意味着我们没有选对投资对象。因此，我们在挑选投资对象时格外慎重，会考察公司的管理层。换句话来说，我们的主要目标不是对这些公司进行改造，而是协助它们把握在中国市场的机会。

　　L'AGEFI: Do you usually place members on the Board of Directors, for example Chinese?

　　九鼎投资会选派人员进驻董事会吗?比如派一名中国人进入董事会。

　　JD Capital：If our shareholdings exceed a certain threshold, we appoint members to the Board of Directors based on their skills and professional experience, in order to accelerate the implementation of our strategy. The nationality of these board members plays absolutely no role; in fact, we do promote diversity.

　　如果持股权重超过特定比例，我们会依据能力及职业经验选派人员进入董事会，以便推动公司投资战略的落实。国籍并不是我们任命外派人员的主要考虑，我们也提倡员工背景的多元化。

　　L'AGEFI: When you become shareholder, is it your goal to transfer production, know-how or trademarks to China?

　　九鼎成为一个公司的股东之后，是否会将该公司的生产、专业技术或商标转移到中国呢?

　　JD Capital：In terms of brands, our goal is naturally to make them better known in China. With regard to the production and know-how, our goal is not to relocate, but to build on the existing assets in Europe to grow in China.

　　就品牌而言，我们的目标自然是在中国推广该品牌。但在生产及专业技术方面，我们的目标并不是把欧洲的生产体系转移到中国，而是在保留他们在欧洲已有的资源和生产线的前提下，新增中国板块的业务。